RA Capital Management Reports 9.9% Stake in 4D Molecular Therapeutics (FDMT) via Amended 13G Filing

RA Capital Management, L.P., along with Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P., filed a Schedule 13G/A on May 15, 2026, disclosing a 9.9% ownership stake in 4D Molecular Therapeutics, Inc. (FDMT). As of March 31, 2026, the reporting persons beneficially owned 5,105,622 shares of common stock. The holdings include 5,049,779 shares held directly by the Fund and pre-funded warrants exercisable for up to 8,460,000 additional shares. However, the warrants contain a beneficial ownership blocker that limits the total ownership to 9.99% of the outstanding common stock, effectively capping the current exercisable shares at 5,105,622. RA Capital Management serves as the investment adviser for the Fund, with Kolchinsky and Shah acting as controlling persons. The filing indicates an increase from a previously reported 0% position, though this is marked as Amendment No. 6. The reporting persons certified that the acquisition was not intended to influence or change the control of the issuer.